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May 2019 Corporate Presentation – Crescent Point Energy Corp.

Crescent Point Energy Corp. · May 9, 2019 · 29 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 1
    May 2019 CORPORATE PRESENTATION Q1 2019 Corporate Presentation CRESCENT POINT CRESCENT POINT
  2. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 2
    Q1 and 2019 Highlights CORPORATE PRESENTATION Excess cash flow to be allocated to 600 million of excess cash flow net debt reduction Progressing asset and expected in 2019 based on dispositions guidance at current strip prices…
  3. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 3
    Q1 2019 Financial Results and Year-over-Year Comparison Q1 2019 Q1 2018 Change CORPORATE PRESENTATION WTI 54.90 62.89 Lower (US/bbl) Operating Netback (/boe) 33.95 34.49 Flat Adj. Funds Flow 514 / 0.93 429 / 0.78 Higher…
  4. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 4
    Transition Plan to Create Shareholder Value CORPORATE PRESENTATION Reducing of Dispositions Operating Areas Focused Asset Base CRESCENT POINT Stronger Balance Sheet Decline Mitigation Cost Reductions Improved…
  5. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 5
    Focused Asset Base Key Focus Areas Identified based on returns, scalability, free cash flow CORPORATE PRESENTATION generation and market access Three high-quality resource plays located in Saskatchewan Large resource in place…
  6. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 6
    Improving Capital Efficiencies and Returns Capital Efficiencies Full-Cycle IRR 30% ( 50 - 60 WTI) CORPORATE PRESENTATION 30,000 24% Full-Cycle IRR (%) 20% 20% /boe/d 25,000 14% 10% 12% 10% CRESCENT POINT…
  7. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 7
    Increased Free Cash Flow Generation Improved Excess Cash Flow Profile Under New Management's Transition Plan CORPORATE PRESENTATION 800 Net Debt Reduction 65 WTI 600 600MM of Excess Accretive Share 60 WTI Cash Flow at…
  8. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 8
    Net Asset Value and Share Repurchase Program Net Asset Value Per Share CORPORATE PRESENTATION 20 Flat US55 US60 WTI 16 Initiated NCIB to purchase up to 7% of public float (38.4MM shares) 16.46 15% of NCIB complete…
  9. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 9
    Maintaining Flexibility in Various Commodity Price Environments Priorities in All Commodity Price Environments High-Cycle CORPORATE PRESENTATION Return-based capital allocation Live within cash flow and/or generate excess cash…
  10. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 10
    Improving Cost Structure CORPORATE PRESENTATION Capital Costs G&A Operating Expenses 2019 budget incorporates capital cost Workforce reduction of 17% in late Targeting additional cost reductions realized in H2/18 of 5% 2018, with…
  11. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 11
    Enhancing Balance Sheet Strength Optimal Leverage CORPORATE PRESENTATION Scenarios (D/CF) Low-Cycle D/CF 2.0X Dispositions Mid-Cycle D/CF 1.5X Executed 355 million of dispositions in 2018 to preserve balance sheet…
  12. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 12
    Commodity Hedging Strategy CORPORATE PRESENTATION 80,000 90 45% 43% Weighted Avg. Hedge Price 80 Oil Hedge Volume (bbl/d) 60,000 35% 70 (CDN/bbl) 40,000 23% 60 50 20,000 40 CRESCENT POINT - 30 Q2 2019 H2…
  13. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 13
    Canadian Market Access and CPG Pricing Advantage CPG Corporate Realized Oil Pricing vs. AB Index Prices CORPORATE PRESENTATION 90 CAD/bbl 60 30 0 Jan-18 Apr-18 Jul-18 Oct-18 Jan-19 Apr-19 Shaunavon Cromer CPG Realized…
  14. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 14
    CRESCENT POINT CORPORATE PRESENTATION Appendix October 2018
  15. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 15
    Capital Markets Summary and 2019 Guidance CORPORATE PRESENTATION Capital Markets Summary 2019 Guidance CPG (TSX and NYSE) Trading Price (May 3, 2019) C4.90 (TSX), US3.65 (NYSE) Capital Expenditures 1.20 - 1.30 billion Shares…
  16. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 16
    Governance: Board Renewal Process of Indp. Board Members Added 9 Full board renewal since 2014 CORPORATE PRESENTATION 7 of 9 independent members with < 3 year tenure, post 2019 AGM 6 Other key diversity enhancements:…
  17. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 17
    Net Debt Composition and Liquidity No Material Near-term Senior Note Debt Maturities* Significant liquidity (1.72B cash and unutilized credit capacity) 250 224 CORPORATE PRESENTATION 185 Low cost of borrowing (hedged effective…
  18. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 18
    Adoption of IFRS 16 Leases The company adopted IFRS 16 Leases standard on January 1, 2019: CORPORATE PRESENTATION This new accounting standard requires most lease contracts to be capitalized (on Balance Sheet) Accounting change…
  19. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 19
    Viewfield Significant free cash flow generation CORPORATE PRESENTATION Infill economics within top quartile of corporate inventory Recently completed unitization of the fourth original waterflood unit Continue to pursue…
  20. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 20
    Shaunavon Low-risk, high-return drilling inventory with reserves upside CORPORATE PRESENTATION Low operating costs with established infrastructure Free cash flow positive Consistent implementation of waterflood program NOI…
  21. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 21
    Flat Lake Multi-zone resource play with organic drilling growth, strong reserves CORPORATE PRESENTATION upside and significant unbooked running room Free cash flow positive at current strip prices Opportunity to enhance…
  22. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 22
    Emerging Play: Uinta Basin Multi-zone resource play with a current focus on developing the CORPORATE PRESENTATION Wasatch, Uteland Butte and Castle Peak zones Strong well results to date, with an opportunity to enhance returns…
  23. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 23
    Early-Stage Play: East Shale Duvernay CORPORATE PRESENTATION Bigoray Strategically targeted oil window based on thicker pay, higher pressure, depth and maturity Drilled several wells (operated and non-operated) to date with…
  24. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 24
    Commitment to Environmental Protection CORPORATE PRESENTATION Environmental, Health and Safety (EH&S) Governance Policy reviewed and signed-off annually by President & CEO EH&S committee within the Board provides direction,…
  25. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 25
    Waterflood Reserves: Sixth Consecutive Year of Additions Waterflood reserves in 2018 represent 23% of 2P organic reserves additions across the Company CORPORATE PRESENTATION Low 2P F&D cost of 9.00 in the Viewfield Bakken resource…
  26. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 26
    Economics Potential to further improve economics due to improvements in cost structure and overall efficiencies CORPORATE PRESENTATION 50 WTI 60 WTI Type Well Cost per Payout Payout Key Focus Areas PI Ratio PI Ratio (EUR)…
  27. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 27
    Disciplined Capital Allocation Process CORPORATE PRESENTATION CONSISTENT LONG-TERM RISK-ADJUSTED CAPITAL & DECLINE DEVELOPMENT RETURNS ACTIVITY MITIGATION GOALS LEVELS CRESCENT POINT RISK-ADJUSTED CONSISTENT CAPITAL &…
  28. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 28
    Transition Plan Deliverables Crescent Point has established the following deliverables CORPORATE PRESENTATION FOCUS ASSET BASE WITH FEWER Dispose select upstream assets to focus asset base OPERATING AREAS NET DEBT Net…
  29. May 2019 Corporate Presentation – Crescent Point Energy Corp. – slide 29
    CORPORATE PRESENTATION BANKER Bank of Nova Scotia AUDITOR PricewaterhouseCoopers LLP LEGAL COUNSEL Norton Rose Fulbright Canada LLP GLJ Petroleum Consultants Ltd. EVALUATION ENGINEERS Sproule Associates Limited…

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